JSW Steel gains 8% on heavy volumes

JSW Steel has moved higher by over 8% to Rs 1,272 on back of heavy volumes on the bourses. The stock opened at Rs 1,173 and touched a high of Rs 1,278 on National Stock Exchange (NSE).

At 1435 hours, a combined 1.25 million shares changed hands on the counter as against an average sub 700,000 shares that were traded daily in past two weeks on NSE and BSE.

According to CNBC TV18 reports, JSW Steel is likely to sign Rs 1,000-crore deal to acquire Welspun Maxsteel later today. Welspun Maxsteel is situated in the Raigad district of Maharashtra.

Since August 8, shares of JSW Steel rallied 10% from Rs 1,153, after media report suggests that the company is close to buying Italian steel maker Lucchini.

However, on clarification on report JSW Steel said, we do not offer any comments on market rumours and speculation, however as a long term strategy, we would like to expand both organically by means of brownfield and greenfield expansions and inorganically by acquiring some existing assets.